Appliance producer Arctic, owned by the Turkish group Arçelik, announced on Friday that it would invest EUR 103.5 million in building a new washing machine factory in the village of Ulmi, Dambovita county.

The project will create 480 jobs in the next seven years.

Arctic will reinvest EUR 70 million of its profits from recent years in building the new plant, according to company representatives.

The Turkish group wants to transform Romania into a production hub for Europe. “For the Arçelik group, investments in Romania have always been important and this new investment will allow us to transform Romania into a production hub for the whole Europe,” said Arçelik general manager Hakan Bulgurlu.

In 2015, Arctic recorded a turnover of EUR 401 million and a net profit of EUR 31.4 million. The company had 2,942 employees at the end of 2015.

The company’s main competitors on the local market, on the washing machine segment, are Whirlpool, Samsung, Indesit, Hotpoint, and Electrolux.

Arctic owner creates 4,000 jobs in Romanian village

editor@romania-insider.com